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Solid State

  • BY: Andrew Hore |
  • POSTED: 21/06/2012 |

Industrial computers and electronic components distributor Solid State has produced record results with all parts of the business performing strongly and the share price is more than double the level it was one year ago. 

Revenues increased from £21.2m to £25.9m in the year to March 2012. Pre-tax profit jumped from £1.3m to £1.67m. The latest figure includes a non-cash acquisition gain of £160,000, although it also has £223,000 of costs relating to the acquisition. Gross margins recovered in the second half. 

The dividend is being increased by 21% to 7.25p a share.

The components business is relocating to new premises near to the Steatite battery and computer business in Redditch. It will continue to grow but the growth rate will be in single digits this year. The Steatite business will have a full contribution from the Blazepoint acquisition. Further acquisitions will be assessed in order to supplement organic growth.

The order book was worth £10.5m at the end of March 2012, up from £8.4m a year earlier. Since then a £3.5m order has been won and this should be delivered in the six months to September 2012. 

At 257.5p a share, Solid State is valued at £17.5m. The share price has risen by 146% in the past year.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2012_33.pdf

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